M&A Advisory

Blueback Global

Adviser to California-based Blueback Global on its sale to TopSource Worldwide.

The deal

FRP Corporate Finance supports cross border deal

FRP Corporate Finance has advised Blueback Global, a California-based leader in global expansion services, on its sale to TopSource Worldwide, the employer services, payroll and Employer of Record service provider.

Blueback Global, which also has an office in Bristol, helps businesses that are expanding internationally to employ the talent they need fast, easily and compliantly. The company supports businesses of all sizes, helping them to recruit in more than 180 countries. It covers 24 time zones and has offices strategically located in the US, UK, Hong Kong, Japan, Mexico, Singapore and Nicaragua.

Blueback Global, and its founder Arden Ng, will now join TopSource Worldwide and continue to provide employer of record, entity set-up, entity management, multi-country payroll and global HR solutions to customers worldwide.

The deal provides a transformational opportunity for the enlarged, combined business to take the lead in services to clients seeking to expand to markets around the world.  It will create a business with 1,600 clients being served across 90+ markets worldwide.

The team at Blueback Global was supported on the deal by FRP Corporate Finance, led by Partner Mark Naughton, Director Alex Sargeant and Associate Director Freddie James. They acted as lead sell-side advisers, marketing the business for sale and helping the management team of Blueback Global to find a home for the business that would enable it to fulfil its future growth ambitions.

Commenting on the deal, Mark Naughton said: “This is a transformational deal for the team at Blueback Global and it has been a pleasure to support them as they join forces with TopSource Worldwide. In today’s market, recruiting and retaining talent is more important than ever and the combined company can now support clients across more than 90 international markets – making it a formidable force.

“This deal also demonstrates the appetite from private equity firms for high-quality investment opportunities in the employer and payroll sector. It’s an attractive, growing market and I’d expect to see an increase in M&A activity over the months ahead.”

Arden Ng, Founder of Blueback Global, added: “Our core focus is always our clients, partnering with them to hire, set up, and operate anywhere, globally. We look for the same client focus, first rate expertise and dedication from our advisers and are delighted with how FRP Corporate Finance delivered.  Our whole team is excited by the possibilities that will come with this combination.”

The London Debt Advisory team at FRP Corporate Finance, led by Partners Simon Sherliker and Ian Milne, were the retained advisers to TopSource Worldwide, advising the company and Horizon Capital on the refinancing of TopSource, and a debt raise to finance the acquisition of Blueback Global.

Deal summary

Date:

October 2022

Sector:

Business services

Deal type:

Selling a business

Deal size:

Undisclosed

This deal demonstrates the appetite from private equity firms for high-quality investment opportunities in the employer and payroll sector. Mark Naughton Corporate Finance

Related team

Mark Naughton

Mark Naughton

  • Partner
  • Corporate Finance
  • Bristol

Alex Sargeant

Alex Sargeant

  • Director
  • Corporate Finance
  • Bristol

Freddie James

Freddie James

  • Associate Director
  • Corporate Finance
  • Bristol

Simon Sherliker

Simon Sherliker

  • Partner
  • Debt Advisory
  • London West End, Reading

Ian Milne

Ian Milne

  • Partner
  • Debt Advisory
  • London West End, Reading

Scott Archer

Scott Archer

  • Associate Director
  • Debt Advisory
  • London West End